Question
Kelly is a partner in the JK partnership. She materially participates. Her adjusted outside basis in the partnership is $80,000. Of this, $25,000 comes from
Kelly is a partner in the JK partnership. She materially participates. Her adjusted outside basis in the partnership is $80,000. Of this, $25,000 comes from nonrecourse debt. Her share of partnership losses from JK is $60,000, and she has passive income of $25,000 from other activities. What is the maximum amount of the losses from JK that she is able to deduct?
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Financial Accounting And Reporting
Authors: John McKeith, Bill Collins
2nd Edition
0077138368, 978-0077138363
